Policy on shale gas on the anvil: Veerappa Moily

Petroleum and natural gas minister M Veerappa Moily said on Wednesday his ministry is working on a "positive and forward-looking" shale gas policy that would be placed before the Union cabinet shortly.

"In India, we have the potential (vis-a-vis shale gas)", he told reporters in Bangalore, adding the proposed policy on exploitation of shale gas would be taken before the Cabinet for approval in a couple of days.

"It (shale gas) is an important source and potential of oil world over," Moily added.

Shale gas or natural gas trapped in sedimentary rocks (shale formations) below the earth's surface is the new focus area in the US, Canada and China as an alternative to conventional oil and gas for meeting growing energy needs.